| Reasons of increase (decrease) for the quarter compared with same quarter last year |
The reason for decrease in net profit before zakat during the second quarter in 2017 compared to the profit for the same quarter in previous year was due to a increase in net claims incurred by 10% and an increase in general and administration expenses by 14% also an increase in provision for doubtful debts by 613%, also decrease in policy holders investment income by 69%, a decrease in commission income by 20%, despite the increase in other underwriting income by 27% and an increase in net earned premiums by 1%, a decrease in inspection and supervision fees by 19%, a decrease in policy acquisition costs by 21%. |
| Reasons of increase (decrease) for the period compared with same period last year |
The reason for decrease in net profit before zakat during the six months Period compared to the profit for the same period last year was due to an increase in general and administration expenses by 12%, and an increase in provision for doubtful debts by 160%, decrease in other income by 71% and also a decrease in policy holders investment income by 40%, despite the decrease in net claims incurred by 2% increase in other underwriting income by 40% also a decrease in policy acquisition costs by 4%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter |
The reason for increase in net profit before zakat during the second quarter in 2017 compared to the previous quarter in 2017 was due to an decrease in net claims incurred by 3% and a decrease in general and administration expenses by 20% also a decrease in inspection and supervision fees by 54% and an increase in other underwriting income by 22% a decrease in provision for doubtful debts by 24 % a decrease in policy acquisition costs by 2%, despite the decrease in net earned premiums by 2% and also decrease in policy holders investment income by 58% and a decrease in commission income by 16%. |
| Reclassifications in quarterly financial results |
Certain re classifications were made in comparative figures to confirm to the current presentation. |
| Other notes |
Total Comprehensive Income for the current quarter is SR 11,512 thousand compared to SR 21,600 thousand in the same quarter in previous year, decreased by 47% and compared to SR 9,404 thousand in the previous quarter, increased by 22%.
Total Comprehensive Income for the current period is SR 20,917 thousand compared to SR 23,268 thousand in the same period in previous year, decreased by 10%.
Earnings per share before zakat and reflects the increase in share capital of the Company which was agreed on the Extraordinary General Assembly dated 31-05-2015 (Corresponding to 13 Shabaan1436H). The share capital was increased from SR 100 million to SR 250 million that leads to an increase in number of shares from 10 million to 25 million. Basic and diluted earnings per share for the current period amounted to SAR 0.84 compared to SAR 0.93 for the previous period in 2016 Which was calculated based on weighted average number of shares which are 25,000 thousand shares for three Months period ended June 30, 2017. Accordingly shares for three Months period ended June 30, 2016 has also been reclassified and is calculated by dividing net earnings with weighted average number of shares which are 25,000 thousand shares. The total shareholder equity (no minority rights) at current period is 315,771 thousand versus 298,117 thousand riyals for the same period of 2016 with an increase of 6%. |
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